Seabird to Make Offer fro Global Geo Services

SeaBird Exploration Limited is intending to submit a voluntary offer to purchase all the outstanding shares of Global Geo Services ASA (GGS). The
purchase price per GGS share under the Offer will be NOK 5.25, and will be settled in cash.

The offer price corresponds to a market capitalization of GGS of approx. NOK 319 million (based on the number of shares currently outstanding), and represents a premium of 40% and 20%, respectively, compared to the volume weighted average price on Oslo Bors over the last week and last month, and a premium of 38% relative to the closing price on Oslo Bors
yesterday, June 15, 2006.

Funding of the purchase of shares under the
offer is secured by a senior unsecured bond loan of up to NOK 300 million issued by Seabird, of which NOK 100 million is underwritten. The maturity date for the bond loan will be in July 2009, with an option for Seabird to redeem at
102 in 2008. The coupon rate for the loan is 3 month NIBOR + 4.00%. The covenants are limited to (i) a minimum book equity of both US $50 million and 35% of capital employed, and (ii) a limitation on cash distribution to the
shareholders of 50% of the group's net profit.

It is envisaged that a formal offer document will be published on or about June 22, 2006. The offer period is expected to start on or about June 22, 2006 and last until July 6, 2006, subject to extensions.

Completion of the Offer will be subject to inter alia the following conditions:

SeaBird reaching an ownership of more than 50%
of the shares in GGS;

receipt of necessary consents and waivers,
including competent authorities and material
business partners of GGS; and

the absence of a material adverse change to
the business, assets, capitalization, financial
condition or results of operations of GGS.

SeaBird sees several synergies from a
combination of SeaBird and GGS. SeaBird is
currently a provider of seismic acquisition
vessels and Ocean Bottom Surveys, services GGS
currently obtains from the open market, while
GGS offers multi-client surveys for global oil
companies. The GGS business includes multi-
client library data for many attractive areas
world wide.

Multi-client companies in today's market are
struggling to find vessel capacity. A
combination of the two companies will secure
long term vessel capacity for the multi-client
operations of GGS as well as increase the long
term vessel utilization for Seabird's fleet.
Furthermore, a combination is expected to
increase the revenue streams by providing a
broader range of services for the oil companies.

Also, a combination of the two companies will
lead to a substantially strengthened financial
position for the GGS business, and allow GGS
more long term planning for its operations.

Tim Isden, Chairman of SeaBird, states: 'I am
really pleased to propose this acquisition,
which will bring the SeaBird Group together with
GGS. This will create a world wide marketing,
acquisition and processing business with an
extensive data library, resulting in a fully
integrated seismic corporation. The combination
of the two companies will expand the areas of
operation, increase both internal and external
utilization of resources, and build a sound
basis for progression in the seismic industry
during the years to come. In addition, the
combined company will be positioned to take
advantage of a healthy balance sheet and fair
market terms for expansion funding.'

SeaBird has been advised by the investment bank
ABG Sundal Collier and the law firm Schjodt.